Court Appointed Receiver Sale – Two Office Buildings 5330 & 5370 S. Durango Dr. Southwest Submarket

6980 S Cimarron, Ste 200, , NV 89113

Christina Roush 702-210-6300 Presented by: HB PROPERTIES & IREPLV, LLC [email protected]

Mike Young 702-604-6209 Christina Roush | 702-210-6300 | [email protected] [email protected] Mike Young | 702-604-6029 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

OFFERING SUMMARY

Rare opportunity to acquire 5330 and 5370 S. , a Court Appointed Receiver Sale of two office buildings in the rapidly growing Southwest submarket of Las Vegas, . Two single story buildings, 5330 & 5370 S. Durango Drive, consist of a combined approximately 52,830 gross square feet on ±3.86 acres of land. The buildings are strategically located on North Durango Drive between the intersections of and Hacienda Avenue, approximately 1.5 miles from the Clark County-215 Beltway. These buildings were previously completed and occupied, one as an administrative building and the other as a call center. 100% Built out with high quality finishes, the buildings are ready for occupancy with minor repairs.

As part of the Southwest Las Vegas submarket, the properties enjoy close proximity to four acute care hospitals, numerous auto dealerships, retail “power centers”, educational facilities, parks, and are situated about one mile from the new IKEA showroom, now under construction.

Property Address: 5330 & 5370 S. Durango Dr., Las Vegas, NV 89113 Description: Multi/Single-Tenant Office Buildings Purchase Price: $9,210,000 Price/SF: $174.33 / sf Terms: Cash or cash to new loan Gross SF (5330): ±20,033 sf Gross SF (5370): ±31,647 sf Occupancy: Unoccupied CC-215 Parcel Size: ±3.86 acres Parking: ±175 Spaces (20 Covered) Prestige Parking Ratio: ±3.75:1,000 (4.6:1,000 w cross easement parking) Apartments APN: 168-28-301-001 SUBJECT Property Taxes: $157,582.72 Zoning: C-P Year Built: 2002 Construction: Concrete & Steel with stone veneer Flood Control Roof: Flat, built up with steel deck KB Homes Basin Windows: Plate Glass, dual glazed and tinted Elevator: N/A Fire Suppression: Fully Sprinklered Insulation: Insulated exterior walls and composite roof

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

*All photos taken at time of occupancy INVESTMENT HIGHLIGHTS Significant Upside Value-Add Opportunity One of the last large distressed asset deals in the Las Vegas area! 100% Built-out with high Court Ordered Receiver Sale, with certainty of trade to the Best Offer buyer. quality finishes and 205 work stations. Two executive conference rooms, one large employee Property to be sold “AS IS WHERE IS.” break room with kitchen, raised floor data room and movie theatre. Three training rooms to accommodate 12 in each room, plus perimeter private offices. Property Condition Single story buildings were previously occupied and have been vacant for several years. Excellent Access Minor improvements required to get to occupancy ready. Minor theft and vandalism. Close proximity to Clark County-215 Beltway and Russell Road exit. Located just north of Russell Road on South Durango Drive at the lighted intersection of Hacienda Avenue. Quality Construction Concrete and Structural Steel buildings with plate glass windows and stone veneer. Ultra Ideal 1031 Exchange high-end finishes including marble, imported wall coverings, and upgraded fixtures. Debt-free property affords a variety of replacement property financing structures.

Location Demographics Within 7 miles of Las Vegas’ primary employment base – the , as well as several The 2014 population base within a 5-mile radius of the property exceeds 252,000 with other significant suburban gaming operators. One mile north of the new IKEA, within a income levels in excess of $63,424 annually. couple miles of four acute care hospitals, and surrounded by numerous new residential developments. Convenient access from all areas of the given its close proximity to the Clark County-215 Beltway at the Russell Road exit.

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

PHOTOS

*All photo taken at time of occupancy

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

AERIAL MAP

SUBJECT

Hacienda Ave

New Apartments Flood Control KB Homes Basin CC-215 Russell Rd

Woodside Homes

S Fort Apache Rd

New Apartments S Durango Dr Mountain’s Edge Hospital

Lennar D.R. Homes Horton Harry Reid Technology Park Southern Hills Hospital Ryland Homes New Apartments

Time Shares IKEA

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

LOCATION MAP

SUBJECT

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

SITE PLAN

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

FLOOR PLAN: 5330 Durango Drive

• ±20,033 gross sq. ft.

• 8 - Private Offices

• 32 - Horwath Workstations**

• Conference Room

• 2 – Kitchens

• Private Theater - 30 Seats

• ±5,000 sq. ft. open storage (finished with HVAC)

** FF&E Available for purchase by separate contract.

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

FLOOR PLAN: 5370 Durango Drive

• ±31,647 gross sq. ft.

• 200 Horwath Workstations**

• 3 – 12 Person Training Rooms

• Full Cafeteria

• Conference Room

• Telephone and Data Room

• Sophisticated raised floor system (data lines)

** FF&E Available for purchase by separate contract.

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

PARCEL MAP

163-28-301-001

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

SALES COMPARABLES

1 2 3 4 5 6

No. Name/Address Sale Date; Status Yr. Built; # Stories; %Occ. Acres; FAR Sale Price Rentable SF $/Rentable SF Cap Rate 1 Park at Spanish Ridge Dec-14 2007 Condo $1,701,750 11,345 $150.00 N/A 8906 Spanish Ridge Ave Closed 2 2.37 Vacant Las Vegas, 89148 0%

2 1580 S Jones Blvd Sep-14 2001 1.60 Acres $3,000,000 14,345 $209.13 7.5% Las Vegas, NV 89146 Closed 1 4.86 100% Occ 0% 3 LaPour Corp. Ctr. Aug-14 2008 3.81 Acres $17,350,000 70,188 $247.19 8.0% 9075 W Diablo Closed 3 2.36 Las Vegas, NV 89148 100%

4 2580 Anthem Village Dr Jul-14 2000 1.33 Acres $3,400,000 12,079 $281.48 8.0% Henderson, NV 89052 Closed 1 4.80 100% 5 2575 Montessouri Jun-14 2003 0.23 Acres $2,400,000 10,724 $233.80 N/A Las Vegas, NV 89117 2 .93 100% 6 3755 Breakthrough Way Nov-13 2009 3.24 Acres $20,300,000 97,902 $207.35 6.59% Las Vegas, NV 89135 3 1.44 67%

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

SALES COMPARABLES MAP

2 5

6 SUBJECT 1 3

4

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

LAS VEGAS OVERVIEW

RESORTS WORLD Genting Group (Malaysia) recently broke ground on the former Boyd Gaming “Echelon” property on The Strip (Stardust Hotel/Casino). Genting plans to build a $7 Billion multi-property resort style hotel/casino on 87 acres. Construction is expected imminently. Purchased for $350 million, Genting will build in Phase 1, a 3,500 room Asian-themed property called “Resorts World Las Vegas”. With 175,000sf of casino space, 250,000sf of retail shops and more than 500,000sf of meeting rooms this resort also includes numerous restaurants, a theatre and resort style pools. en.wikipedia.org/wiki/Resorts_World_Las_Vegas

THE CROMWELL Recently opened on the former site of the Barbary Coast, Caesars Entertainment has created Las Vegas’ first luxury boutique hotel called “The Cromwell”. After a $200 million renovation the only remaining aspect of the property is the uber-popular “Drai’s” 13,000sf (now renovated) basement nightclub. Drai’s also boasts a new rooftop “dayclub” pool experience. Focusing on personalized service, hospitality, and unique amenities, The Cromwell brings Bellagio & Wynn style luxury to Las Vegas at the “boutique” size level. www.thecromwell.com

NEW MGM 20,000 SEAT INDOOR ARENA Located behind the Monte Carlo resort, MGM broke ground May 1, 2014 on the first major new arena in Las Vegas in 30 years. At a cost of $375 million, this exciting new addition to The Strip will likely attract every big name concert to Las Vegas as well as other entertainment events to the AEG and MGM Gaming created venue. It’s expected to attract a steady stream of UFC mixed martial arts, boxing, concerts, award shows, college basketball, hockey tournaments and other sports. They anticipate about 100-150 events per year. The Las Vegas-based Ultimate Fighting Championship plans five or six annual fight shows at the new arena. Designed by Populous, the design firm behind London’s O2 Arena and Kansas City’s Sprint Center. MGM and powerhouse arena builder, AEG, are privately funding the 20,000-seat indoor arena which includes luxury suites, boxes and outdoor balconies along with a nightclub and numerous shops and dining destinations. http://www.reviewjournal.com/news/las-vegas/shovels-ground-confetti-air-mgmaeg-arena-construction-begins

SLS LAS VEGAS Recently opened on August 23, 2014, SLS Hotels makes it’s foray into the Las Vegas market with a flagship location at the corner of Sahara Ave and Las Vegas Blvd on the site of the former Sahara Hotel & Casino. The re-opened and fully renovated Hotel & Casino resort will cost north of $300 million with 1,600 boutique style rooms. The SLS Las Vegas will feature several brands from co-owner SBE Entertainment’s nightlife and restaurant lineup, including “The Bazaar” by Jose Andrés, “Katsuya” by Starck, and a nightlife concept called “Shelter”. The opening of SLS brings further endorsement to the North Strip as a luxury destination, as they join the Wynn & Encore Hotels, SKY Las Vegas luxury condominiums and Genting’s Resorts World. slshotels.com/lasvegas

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

LAS VEGAS OVERVIEW

THE LINQ Developed by Caesars Entertainment in between the Flamingo Hilton Hotel/Casino and The Quad Hotel/Casino, the Linq is a mixed use entertainment destination with a 550-foot observation wheel as it’s focal point, offering 360 degree views of the Las Vegas valley. At an estimated project cost of $600 million this significant development will draw just as much attention as the famed London Eye. A series of destination dining, shops and the entertainment venue “Brooklyn Bowl” act as a connector between The Linq observation wheel and The Strip. Caesars.com/TheLinq

TREASURE ISLAND EXPANSION Treasure Island recently opened a 46,000 square foot retail center on the hard corner of Spring Mountain Rd & Las Vegas Blvd. at the site of the former Pirate Ship show. Comprising over 19.5 acres, anticipated uses include an automobile showroom, numerous restaurants, retail shops and a pharmacy. Treasure Island executives see this as a way to monetize an under-utilized aspect of the property into a destination for commerce. www.vegaschatter.com/tag/Treasure%20Island

ROCK IN RIO - LAS VEGAS One of the world’s largest music festivals “Rock in Rio” will now reside in Las Vegas at the corner of Sahara and Las Vegas Blvd, on a 33-acre prime corner. Located directly across the street from the new SLS Hotel and adjacent to the Circus-Circus, MGM Resorts will spend more than $20million to develop the infrastructure for this open air concert and event venue. Rock in Rio - Las Vegas is a partnership between MGM Resorts, Cirque du Soleil, billionaire Ron Burkle and concert founder Roberto Medina. Expected to draw 300,000 people to the city, the venue will showcase multiple acts on five separate stages, with themed streets and food from Brazil, Britain and America. This is the 30 year anniversary of Rock in Rio and dates for the Las Vegas concerts in 2015 have been set for May. The site will be utilized by MGM & Cirque du Soleil for other events throughout the year.

ALL NET RESORT & ARENA Located on the former site of the “Wet ‘n Wild” water amusement park and adjacent to the new SLS Hotel, former NBA and UNLV Star Jackie Robinson has announced approvals to build a $1.4 Billion resort and arena project. The arena, which will cost $690 million, will include a retractable roof and is expected to host at least 50 events annually. The resort will be 44 stories and consist of 500 suite-style rooms with a 300,000sf retail promenade and a 16-screen movie theatre complex. Peter Zingoni of Global Spectrum is partnering with Robinson on the arena management.

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket

LAS VEGAS OVERVIEW

WALGREENS - SAHARA & THE STRIP Under construction at the Northeast corner of Las Vegas Blvd & The Strip, directly across the street from the SLS Hotel, is a new 40,000sf retail complex anchored by Walgreens that will feature a 70-foot tall LED Multi-media sign and a 3 level parking structure. Slated for completion in the First Quarter 2015, Walgreens will occupy 18,400sf with the remaining 21,800sf of retail space available for lease.

SHOPS AT SUMMERLIN Shops at Summerlin, a new regional shopping venue in west Las Vegas is being developed by The Howard Hughes Corporation. Construction began in Fall 2013 and will employ 1,700 people during construction. The retail district near Red Rock Casino Resort and Spa is now slated to open in late 2014 with more than 125 stores and restaurants, featuring open-air pedestrian walkways and outdoor dining. It would be a part of a 106-acre, 1.5 million-square-foot development that includes a nine-story office building. The first two anchored tenants announced are Dillard’s and Macy’s.

IKEA Announced July 14, IKEA - the powerhouse furniture and home goods retailer will open a 315,000 SF store in Southwest Las Vegas at “The Curve” of the 215 Freeway and Durango, fronting Sunset Road. The store will sit on its own 25-acre parcel with parking for 1,300 cars. Anticipated opening is in 2016.

Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected]